Estate and Probate Appraisals: A Canadian Homeowner Guide
What executors and beneficiaries need to know about ordering a residential appraisal for an estate.
When a property owner passes away, an independent appraisal
When a property owner passes away, an independent appraisal is often required to support probate filings, estate accounting, capital gains calculations, and beneficiary distribution.
Estate appraisals are commonly performed as of the date
Estate appraisals are commonly performed as of the date of death (a retrospective appraisal) or as a current-value report depending on the purpose. Your lawyer or accountant can confirm which is needed.
Executors should keep a paper trail
Executors should keep a paper trail: appraisal report, comparable evidence, and any improvements or condition notes. This protects against future disputes.
Confirm with the appraiser that the report format is
Confirm with the appraiser that the report format is acceptable to the estate's lawyer, accountant, and the CRA where relevant.
This article is general information only and does not
This article is general information only and does not constitute legal or tax advice.
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